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PM’s economic panel trims growth forecast to 7.1%

PM’s economic panel trims growth forecast to 7.1%
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First Published: Fri, Jan 23 2009. 04 37 PM IST
Updated: Fri, Jan 23 2009. 04 37 PM IST
New Delhi: A top economic advisory body to the Indian Prime Minister on Friday cut its growth forecast for the economy to 7.1% for the current fiscal year to end March, from a previous estimate of 7.7%.
“An estimated growth of GDP at 7.1% during the year, lower than the projection of 7.7% made in our July 2008 outlook,” Manmohan Singh’s Economic Advisory Council said in its economic update.
It said the slowdown was “caused by painful adjustment to abrupt changes in the international economy.”
The report said the economy was likely to see some recovery in 2009/10 and post growth of 7-7.5%, but cautioned the combined fiscal deficit of states and the federal government could touch 10% in this fiscal.
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First Published: Fri, Jan 23 2009. 04 37 PM IST
More Topics: India | Economy | Report | PM | Manmohan Singh |